Dutch telecoms firm Veon (NASDAQ: VEON), the owner of Ukraine’s biggest mobile operator Kyivstar, plans to de-list its shares from Euronext Amsterdam and be solely listed in New York to simplify its financial reporting, it said on Thursday.
The company currently has a dual listing, on Euronext Amsterdam and Nasdaq.
Veon (NASDAQ: VEON) would also buy back some of its American depositary shares for $100 million after the de-listing process, expected to take place in the fourth quarter.
“As we continue to execute our digital operator strategy, we believe that Nasdaq, where we have been listed since 2013, is the most appropriate and ‘best fit’ venue for a global tech-focused business like ours,” a spokesperson told Reuters.
He said an “overwhelmingly large” portion of trading in Veon’s shares already takes place on Nasdaq, adding the Amsterdam de-listing would help cut costs.
The announcement only concerns shares, and does not impact its headquarters in Amsterdam, he added.
(Source: ReutersReuters)
